South Carolina is the third-most-affordable state in which to own a car, according to a study by Edmunds.com.
The survey shows that it costs an average of $40,763 over a five-year period to own a car in the Palmetto State. Only New Hampshire and South Dakota are more affordable.
Owning a vehicle in Alaska, California or Hawaii costs about $10,000 more per year than it does in South Carolina.
The Edmunds study examines regional five-year ownership costs, consisting of depreciation, financing, taxes and fees, insurance premiums, fuel costs, maintenance and repairs for new and used vehicles.
States with the lowest average vehicle ownership costs in the country (click to enlarge):
The True Cost to Own calculations use the following assumptions:
- Ownership expenses are for a five-year time span.
- Vehicles are driven an average of 15,000 miles per year.
- Vehicles are financed using traditional financing and not leased.
- Buyers are paying 10% down on the vehicle.
- Buyers are in the “gold” credit tier for the purpose of determining the finance rate.
- The loan term is 60 months.
- Buyers represent the average demographic for insurance rates.
